Elumelu quits as UBA chairman; Nnorom takes over

United Bank for Africa (UBA) Plc has announced retirement of its Group Chairman, Tony O. Elumelu, from the Board of Directors after completing the 12-year tenure limit for non-executive directors.

The retirement takes effect on August 21, 2026.

The bank also announced the appointment of Emmanuel N. Nnorom, a Non-Executive Director on the board, as the incoming Group Chairman.

His appointment will take effect from August 21, 2026.

The development was contained in statement issued by the bank on Monday.

The bank said the decision was approved at its board meeting on July 6, 2026.

According to UBA, Elumelu’s retirement is in compliance with the Central Bank of Nigeria (CBN’s) corporate governance guidelines, which prescribe a maximum 12-year tenure for non-executive directors of banks.

The Board expressed appreciation for his leadership, describing his tenure as one of the most transformative periods in the bank’s history.

“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the bank said.

UBA said Elumelu’s leadership helped transform the lender into one of Africa’s leading financial institutions, with operations spanning 20 African countries.

According to the bank, the Group now serves more than 50 million customers across its markets, cementing its position as one of the continent’s largest banking groups.

Commenting on his retirement, Elumelu described his time at UBA as one of the defining experiences of his professional career.

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future.

“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” he said.

The incoming chairman, Emmanuel Nnorom, is a chartered accountant with more than four decades of experience in banking, finance, and auditing.

UBA said his extensive leadership experience and deep understanding of the institution position him well to lead the Board through its next phase of growth.

Responding to his appointment, Nnorom said he was committed to building on the bank’s achievements.

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.

Who is Nnorom?

Nnorom has over 40 years work experience in financial services and audit, including significant board experience with listed companies.

Born on April 7, 1958, he studied accounting and related services at Templeton College, Oxford University, completing the programme in 1996 before embarking on a series of senior management roles that established him as one of Nigeria’s most experienced banking executives.

He joined Diamond Bank Plc in January 1996 as General Manager for Operations and Branch Businesses, overseeing branch operations until May 1998. He later held brief executive roles as Senior Consultant at Equitorial Trust Bank between August and October 1998 before becoming Executive Director of Operations at Liberty Merchant Bank from November 1998 to November 1999.

In January 2001, Nnorom was appointed General Manager for Finance and Planning at NUB International Bank, a position he held until April 2004. He subsequently moved to Standard Trust Bank as General Manager for Operations and Control, remaining there until July 2005 before the bank’s merger with United Bank for Africa.

His career accelerated at UBA, where he spent more than eight years rising through the executive ranks.

Beginning as General Manager for External Reporting in August 2005, he was promoted to Group Chief Operating Officer in April 2008, followed by appointments as Executive Director for Group Office in April 2009, Executive Director for Finance in July 2010 and Executive Director for Risk in March 2012.

In January 2013, he was named Managing Director and Chief Executive Officer of UBA Africa, overseeing the lender’s operations across the continent during a period of rapid regional expansion.

Nnorom joined Heirs Holdings in January 2014 as President and Chief Operating Officer, helping oversee the investment company’s growing portfolio across financial services, energy, healthcare, hospitality and infrastructure.

Eight months later, in September 2014, he was appointed President and Chief Executive Officer of Transnational Corporation of Nigeria Plc (Transcorp), where he led the diversified conglomerate’s businesses spanning power generation, hospitality, agribusiness and energy.

During his tenure, Transcorp expanded its strategic investments, including interests in the Ughelli Power Plant, Transcorp Hotels and Teragro Commodities, while strengthening its position as one of Nigeria’s largest listed conglomerates with roughly 300,000 shareholders.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).

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